Covad to Go Private…

From a heyday just 7 years ago Covad now languishes in the $1/share range. The board has accepted a tender offer buyout to take Covad to private equity. The whole deal is pending approval by shareholders:

“Platinum’s approach will bolster the successful execution of Covad’s business strategy while providing the resources and support necessary for sustained growth,” Charles Hoffman, Covad president and CEO, said in a statement. “We believe that the resulting increased market competitiveness, improved capital structure and enhanced product and network capabilities best position our customers, partners and employees for the future.”

In the rough and tumble Telecom world yet another brand disappears. Economy of scale makes it very hard for third tier players to stay in the market.

Bleg: Anyone happen to have a Covad mug they are willing to give away?

Linky.